Barack Obama, John McCain React to Lehman Brothers Crisis—With Wildly Divergent Opinions

I can't imagine what McCain must be thinking right now as he ponders the whole financial crisis the Bush administration created in the last eight years. What we must remember and think about is that McCain had Phil Gramm as his financial advisor and is thinking of bringing him back when/if elected. For those who don't know, Phil Gramm was one of the creators of the Gramm-Leach-Bliley Act (GLBA) in Congress that opened the floodgates for this whole financial crisis. McCain has a multimillionair wife, and Gramm/wife made their millions at ENRON before it went down and CEO Richard Fuld probably made sure to cover his losses. But who will cover the losses of the 15,000 employees of Lehman who not only lost their jobs but all of their retirement funds. Think about that BEFORE you vote Nov. 4th---do you want to continue with the Bush tax cuts and deficits...or do you want to vote for someone who will lead us into financial stability?

Ann G of IA 3:09PM September 16, 2008

I think when everyone looks back at this time frame, many people will see the importance of greed and over spending that has been one of the catalysts to this situation.

I remember the idiot financial advisor whose office I was in around 1999 fixing a printer telling someone Apple stock was going to go to 150.00 . realistically it was worth 18.00 at that time. they were in trouble had no money ...any tech could of told you that.. But as you all know people were buying anything with a High Tech word to it.

False economy breed by greed destroys itself every time. That wealthy guy ( forget his name) said to buy good companies that have things like land , factories etc. not educated property companies that don't have anything to sell. OLD VALUES!! are still the only ones to adhere to. You can borrow a little but not a lot, Especially in the economy we have in the last 20 or so years.

People should be forced to read how the great depression was created...10 % down ...my god ???

I do not feel sorry for the problem that has been created...but you should start by teaching your children that the american dream starts by saving not spending.And teaching good fiance in your schools, it seems you all need it. Did you think it was going to go on forever?

And trust me we are just as stupid up here in Canada.

PEACE and good luck . This is a time when I hope our American neighbors shine and all you financial people smarten up and fix your mess...Your country deserves better way better.

Gord 3:53AM September 16, 2008

With financial regulators across the world, heads of major financial institutions and gurus like Alan Greenspan across the financial sector working on trying to come up with a solution to a backlash effect from another major US Investment Bank collapse - I am surprised there is still a McCain who fails to acknowledge there is a problem. His philosophy that everything is okay seems to be one of total ignorance and his attitude irresponsible. McCain in his own words has admitted to having little or no understanding of economics.To downplay a crisis and not explaining the reality of the situation is nothing but tactic adopted by the current administration- MORE OF THE SAME - ain't it.

HS of NY 11:23PM September 15, 2008

Come on - we ahve already sold out to china and any other nation our politicians are getting money from. Obama DOES NOT have the answer and neither does McCain. they are alot alike - Politicians. I do not have the answer but it certainly DOES NOT lay i nthe hands of these guys.

Bill of PA 5:13PM September 15, 2008